translated from Spanish: Latam crisis by Covid-19: achieves financial support from BancoEstado and keeps its passenger operations down by 95%

BancoEstado President Arturo Tagle confirmed that they reached an agreement with Chilean airline Latam to provide financial assistance so that they can mitigate the effects it has suffered from the Covid-19 pandemic.
“Latam is a client of the bank and we have reached some agreements with them. But we’re not the main creditor of that company either,” the bank’s president told CNN Chile.
The executive stressed that “this bank has big customers, and it’s going to help big customers, it has. It’s been giving money to large customers, but in this line (of credit) we’re leaving enough room for micro, small and medium-sized businesses.”
Last Monday, BancoEstado general manager Juan Cooper had assured that the company was in talks with Latam Airlines over some debt maturities that were scheduled for late March or early April.
Latam keeps its passenger operations reduced
In this situation, from Latam they confirmed that they will keep their passenger operation down by 95% during May 2020.
“A month and a half after several industry players warn of the biggest crisis the sector has suffered, today we can see that the impacts are deeper and will be more lasting than we initially anticipated,” said LATAM Airlines Group CEO Roberto Alvo.
“In the face of this adverse scenario, it is inevitable that the Group’s companies will have to resize their respective sizes and the way they operate,” Alvo said.
As regards domestic routes, it is reported that LATAM Airlines Brasil and LATAM Airlines Chile will be maintained with reduced operations during the month of May in order to maintain minimum connectivity in those countries. To the extent that the operating permits exist and demand warrants it, the group’s companies will evaluate restarting flights in the countries where they are present.
On international routes, during May, LATAM Airlines Group and LATAM Airlines Brazil expect to operate six frequencies weekly between Santiago and Miami, and three frequencies between Sao Paulo and Miami, respectively.
On the other hand, they announced that they will maintain international humanitarian and charter flights, depending on needs, legal and subject restrictions.

Original source in Spanish

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